Reports from U.S. agriculture experts last week paint a bleak future for soybean farmers, who are already battered by a trade war with China.
U.S. soybean exports are expected to fall more than 3 percent, to 56.1 million metric tons this year from 57.9 million in 2018, per trade projections released Thursday by the U.S. Department of Agriculture.
The USDA further predicts soybean exports will remain below pre-trade war levels — 59 million metric tons in 2017 — until 2027. During that time, the U.S. share of soybean exports are to fall to 31.5 percent, down from 37.8 percent.
Moreover, weak farm incomes have contributed to a slight bump in referral of agricultural borrowers to other creditors in 2018. This will likely further tighten credit from lenders, according to a report from the Federal Reserve Bank of Kansas City.
Read more: Bloomberg